Italy Unveils $100 Billion Economic Bailout

Berlusconi also said the government planned to reduce public debt now at 150 percent of GDP to 100% of GDP by 2011.

Finance Minister Giulio Tremonti said that the package would not have any impact on the three-year budget adopted in July.

"It is because we had the budget in place that we were able to undertake these measures," Tremonti told reporters.

Italy, Europe's fourth-largest economy, officially entered a recession in the third quarter.